Rejected credit card? Here’s what to do next: A step-by-step guide

Credit cards are one of the most preferred financial tools as they help customers make purchases without the need to pay back immediately, along with added rewards and offers. Applying for a credit card is very easy, however, issuers look for many criteria before approving a credit card application therefore many applications get rejected. Reasons for rejection of credit card application Poor credit score Error in the credit report High debt-to-income ratio Issuer’s eligibility criteria Multiple loans Steps to take if your credit card application is rejected Improve credit score: If your credit card application is rejected due to a poor credit score, take steps to improve it. An error in the credit report may reflect a poor credit score, credit history etc, which might lead to the rejection of the application. Take this time to improve your credit score, verify your credit report, and try to lower your debt-to-income ratio to increase your chances of getting approved for credit card use.